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2023-12-31-accounts

The London and Middlesex Rifle Association

Trustees Report and Unaudited Consolidated Financial Statements

for the year ended 31 December 2023

Registered Charity Number 220902

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

INDEX

Page
Charity information 1
Trustees’ report 2
Independent examiner’s report 4
Statement of financial activities 5
Balance sheets 6
Statement of cash flows 7
Accounting policies 8
Notes to the financial statements 10

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

CHARITY INFORMATION

Trustees

The sole trustee of the charity is a company limited by guarantee, LMRA Trustee Limited, company number 12136824, incorporated 2 August 2019. The individuals listed below were directors of the trustee company throughout the year to 31 December 2023 except where stated:

Tim Bedwell Nick Brasier Gareth Corfield Gwynne Jarvis Doug Stewart Ryan Warren Address

The London and Middlesex Rifle Association Club Row Bisley Camp Brookwood Surrey GU24 0PA

Registered charity number

220902

Treasurer

Ryan Warren Independent Examiner Geoffrey Frost BSc(Hons) FCA Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY Bankers

National Westminster Bank plc South West Surrey Business Centre PO Box 1 1 Stoke Road Guildford Surrey GU1 3ZR Lloyds TSB Bank plc Connaught House Alexandra Terrace Guildford GU1 3DA

Page 1

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEE’S REPORT

The trustee has pleasure in presenting the annual report together with the consolidated accounts for the year ended 31 December 2023. The trustee has adopted the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS 102) issued in October 2019, in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

The London & Middlesex Rifle Association (“the LMRA” or “the Association”) is a registered charity (no. 220902). The Rules of Association dated 21 September 2019 form its governing document. The trustee of the charity is LMRA Trustee Limited, a company registered in England and Wales, number 12136824, with further information provided on page 1.

The directors of LMRA Trustee Limited comprise the members of the Management and Finance Committee plus the chairmen of the Membership Committee and the Shooting Committee. The members of these committees are elected by the LMRA Council. All powers of the Council shall be exercisable by the trustee.

The entire affairs and funds of the Association shall be vested in a Council of eighteen elected members, all of whom shall be Full Members of the Association, together with the President and Secretary, if honorary. The Secretary, if honorary, shall be the ex-officio members of Council. The Council shall have the power to co-opt annually up to five full members. Any Full Members of the Association shall be eligible for election to the Council, but, except in the case of a member of the Council retiring by rotation, the name of every member to be proposed for election to the Council shall be notified in writing by his proposer and seconder to the Secretary, twenty-eight clear days before the date of the AGM, together with the consent of such member to serve, if elected. Notice of such proposal shall be given to the members in the notice convening the meeting.

At the AGM certain elected members of Council shall retire from office and be eligible for re-election. At the AGM in September 2023 those retiring by rotation in this way were Gareth Corfield, Ian Farbon, Andrew Harrison, David Lloyd, and Doug Stewart. Each of them were re-elected.

Newly appointed members of Council are provided with copies of relevant Charity Commission guidance for trustees.

Day to day management of the LMRA is delegated to the appointed managers by the Council who remain closely involved in the operations of the Association.

The Association has two 100% owned subsidiary companies. LMRA Trading Limited, which undertook the trading activities of St George’s Lodge on behalf of London & Middlesex Rifle Association, and LMRA Facilities Club Limited, which undertook the remaining trading activities. The results of LMRA Trading Limited and LMRA Facilities Club Limited are consolidated into these financial statements.

The major risks to which the Association is exposed, as identified by the Council, are reviewed at the regular Council meetings to ensure that systems and procedures are maintained to manage those risks.

OBJECTIVES, ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

The Association’s objects include the encouragement of rifle shooting within London and Middlesex and especially among units of volunteer forces domiciled in those counties. As now constituted, the Association is open to present and past members of H M Forces and to any individual interested in target shooting with small arms.

The Association seeks to achieve these objects by providing training and facilities for its members and organising competitions for individuals and teams. It also provides facilities to affiliated cadet forces, units, and schools, thereby supporting a new generation’s interest in competitive target shooting.

In determining how the Association should achieve its charitable objects the trustee has had regard to the Charity Commission’s guidance on public benefit.

The Association’s key goal for the 2023 financial year was to begin recovering the significant extra costs and financial losses incurred because of the pandemic by building on the return to normal of its operations and activities, while recognising the uncertainty driven by headwinds from the economic environment, characterised by high inflation and a developing cost of living crisis.

The Association continued the reinstatement of its usual competitive shooting activities, including team matches and individual competitions. It also ran training courses and mentored shooting days during 2023. The improvement in income from competition and training activities was partly offset by higher expenses caused by high inflation, higher energy costs, and the ongoing low availability of ammunition driven largely by the conflict in Ukraine. However, income benefited from a higher membership as more people begun to return or take up shooting with the Association.

The consolidated accounts show a surplus of £5,312 (2022 deficit: £22,293), with £751 (2022: £32,530) spent on tangible assets which increased the net liabilities of the group to £101,693 (2022 net liabilities: £107,007) at 31 December 2023.

Following the signing of the new property lease for St George’s Lodge, the financing solution with investors was finalised. There are currently Loan Notes totalling £166,250 outstanding (2022: £182,750).

FINANCIAL REVIEW

The trustee’s policy is to target a level of reserves that will provide a stable financial base for the Association’s ongoing activities while ensuring that available funds are used to deliver its charitable objectives. The current level of unrestricted reserves of the group is a deficit, after adjusting for fixed assets, of £125,041 (2022 deficit: £148,862). This is a decrease in the deficit of £23,821. It is the intention of the trustee that, in the long term, reserves should be increased to a level equivalent to no more than one year’s expenditure in order that all commitments can be honoured in the event of a sudden reduction in income.

Page 2

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEE’S REPORT

The principal source of the Association’s funds continues to be its members, whether by means of annual subscriptions or by payments for use of the facilities. The continued support of the members, and recruitment of new members of all ages, is a key element of the trustee’s strategy for the Association.

The year ended 31 December 2023 showed total group incoming resources of £506,252 (2022: £488,353) and total outgoing resources of £500,938 (2022: £510,646) - leading to a net deficit of £5,314 (2022 surplus: £22,293).

OUTLOOK AND PLANS FOR FUTURE PERIODS

The 2024 fiscal year is expected to be challenging. The trustee plans for the Association to continue its recovery and generate a small profit in 2024 but recognises the ongoing headwinds from the current economic environment, characterised by high inflation and a deepening cost of living crisis, which is expected to have a detrimental impact on both the Association’s costs and demand for many of its services.

Persistently high energy costs and rents payable on the properties are likely to continue to put significant financial strain on operations during 2024. Further, the commercial catering operation remains under pressure primarily owing to inflation and wage inflation in the catering market. However, ongoing work to return LMRA Facilities Club to profit, including the appointment of a new Head Chef in March 2024, is expected to bear fruit in 2024.

This ongoing work to return the commercial operations to profit will continue over the next 12 to 24 months. As part of that, the operational and economic benefits from a potential acquisition of the assets and liabilities of LMRA Facilities Club Limited by LMRA Trading Limited was considered. This was approved and completed on 31 May 2024.

The Association intends to continue its charitable activities and run a normal programme of shooting competitions, team matches, training, and support of its members during 2024. By doing so, the Association is working to improve on last year's surplus from charitable operations.

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustee is required to:

The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

APPOINTMENT OF AN INDEPENDENT EXAMINER

During the year under review the income level of the charitable group remained below the audit threshold under the Charities Act. The trustee has therefore elected to continue to dispense with an audit of the group and opt for an independent examination.

A resolution proposing Geoffrey Frost of Blue Spire Limited be reappointed will be put forward at the AGM of the charity.

Approved by the trustee and signed on its behalf.

19 August 2024

Trustee Date

Page 3

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

INDEPENDENT EXAMINER’S REPORT

Independent Examiner's Report to the Trustee of The London and Middlesex Rifle Association

I report to the charity trustee on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5 to 17.

Responsibilities and basis of report

As the charity’s trustee you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Geoffrey Frost BSc(Hons) FCA Blue Spire Limited, Statutory Auditors

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

19 August 2024 Date

Page 4

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Other trading activities
2
Charitable activities
3
Other
4
Total
EXPENDITURE ON:
Raising funds - Seeking donations
5
Raising funds - Operation of trading subsidiaries
2
Charitable activities
6
Total resources expended
Net income/(expenditure) and net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
19
Total funds carried forward
19		 Unrestricted
Funds
£
17,988
381,430
106,814
20
506,252
7,040
382,802
111,096
500,938
5,314
(108,107)
(102,793)		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
1,100
1,100		 2023
Total
Funds
£
17,988
381,430
106,814
20
506,252
7,040
382,802
111,096
500,938
5,314
(107,007)
(101,693)		 2022
Total
Funds
£
18,509
370,103
99,741
-
488,353
6,268
368,849
135,529
510,646
(22,293)
(84,714)
(107,007)

None of the charity's other activities were acquired or discountinued during the above two financial years .

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

Page 5

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

GROUP AND CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023

Note
FIXED ASSETS
Tangible assets
10, 11
Investments
12
Total fixed assets
CURRENT ASSETS
Stocks
13
Debtors
14
Cash at hand and in bank
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
15
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after more than one year
16
Total net assets
THE FUNDS OF THE CHARITY
Restricted funds
19
Unrestricted funds
19
Total charity funds		 2023
2022
£
£
22,248
40,755
-
-
22,248
40,755
15,595
17,176
16,200
15,812
83,343
91,643
115,138
124,631
(239,079)
(272,393)
(123,941)
(147,762)
(101,693)
(107,007)
-
-
(101,693)
(107,007)
1,100
1,100
(102,793)
(108,107)
(101,693)
(107,007)
Group		 2023
2022
£
£
3,701
11,234
102
102
3,803
11,336
9,839
11,402
204,053
183,293
12,647
12,196
226,539
206,891
(47,553)
(42,124)
178,986
164,767
182,789
176,103
-
-
182,789
176,103
1,100
1,100
181,689
175,003
182,789
176,103
Charity		 2023
2022
£
£
3,701
11,234
102
102
3,803
11,336
9,839
11,402
204,053
183,293
12,647
12,196
226,539
206,891
(47,553)
(42,124)
178,986
164,767
182,789
176,103
-
-
182,789
176,103
1,100
1,100
181,689
175,003
182,789
176,103
Charity
11,336
11,402
183,293
12,196
206,891
(42,124)
164,767
176,103
-
176,103
1,100
175,003
176,103

Approved by the trustee and signed on its behalf.

Trustee

19 August 2024 Date

Page 6

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

GROUP AND CHARITY STATEMENT OF CASH FLOWS

Note
Net cash flow from operating activities (see below)
Cash flow from investing activities
Purchase of tangible fixed assets
10,11
Proceeds from sale of fixed assets
Net cash flow from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
Cash and cash equivalents consist of:
Cash at bank and in hand
Cash and cash equivalents at 31 December		 2023
2022
£
£
(7,549)
(1,251)
(751)
(32,530)
-
1,400
(751)
(31,130)
(8,300)
(32,381)
91,643
124,024
83,343
91,643
83,343
91,643
83,343
91,643
Group		 2023
2022
£
£
451
(34,627)
-
-
-
1,400
-
1,400
451
(33,227)
12,196
45,423
12,647
12,196
12,647
12,196
12,647
12,196
Charity		 2023
2022
£
£
451
(34,627)
-
-
-
1,400
-
1,400
451
(33,227)
12,196
45,423
12,647
12,196
12,647
12,196
12,647
12,196
Charity
1,400
(33,227)
45,423
12,196
12,196
12,196
Reconciliation of net income to net cash flow from operating activities
Note
Net income for the year
Adjusted for:
Depreciation and impairment of tangible fixed assets
10,11
Decrease/(increase) in stocks
13
Decrease/(increase) in debtors
14
Increase/(decrease) in creditors
15		 2023
2022
£
£
5,314
(22,293)
19,258
18,360
1,581
(4,625)
(388)
(636)
(33,314)
7,943
(12,863)
21,042
(7,549)
(1,251)
Group		 2023
2022
£
£
6,686
(23,547)
7,533
7,918
1,563
(4,067)
(20,760)
(36,329)
5,429
21,398
(6,235)
(11,080)
451
(34,627)
Charity		 2023
2022
£
£
6,686
(23,547)
7,533
7,918
1,563
(4,067)
(20,760)
(36,329)
5,429
21,398
(6,235)
(11,080)
451
(34,627)
Charity
(11,080)
(34,627)

Page 7

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

ACCOUNTING POLICIES

General information, scope and basis of preparation

London and Middlesex Rifle Association is an unincorporated charity established under a rules of association dated 2008 with a charity number of 220902.

The charity's place of business is Bisley Camp, Brookwood, Surrey, GU24 0NY. The nature of the charity's operations is given in the trustee's report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The financial statements are presented in the functional currency of the entity and rounded to the nearest £1.

Consolidation

The London & Middlesex Rifle Association owns the entire share capital of its two trading subsidiaries, LMRA Trading Limited and LMRA Facilities Club Limited. At the start of 2008 all bar, catering and clubhouse accommodation income and expenditure was moved to LMRA Facilities Club Limited. Accommodation at St George’s Lodge has continued to be dealt with in LMRA Trading Limited throughout the year under review. The results of the trading subsidiaries are consolidated within these financial statements on a line by line basis.

Going concern

The trustee has considered the charity and group’s ability to continue as a going concern, taking into account the negative net asset position of the group and of its subsidiary companies. The trustee has also considered the results for the year and for the period since the year end and noted the improvement that is now starting to show as a result of the changes in personnel and operations that were implemented during 2021. This, combined with their confidence that only limited amounts of loan notes due from L.M.R.A. (Trading) Limited will need to be redeemed in the next twelve months and the ongoing support of members, leads the trustee to conclude that the going concern basis of accounting continues to be appropriate in these accounts and those of the subsidiary undertakings. If the going concern basis of accounting were to become inappropriate then it is probable that the values of tangible fixed assets shown within these accounts would be substantially reduced.

Fund accounting policy

Unrestricted funds are available for use at the discretion of the trustee in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Further details of each fund are disclosed in Note 19.

Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Page 8

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

ACCOUNTING POLICIES

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

● Costs of raising funds; which includes the costs of seeking donations and costs of subsidiary undertakings

Support cost allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fixed Assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Furniture and equipment 4 years Leasehold property remainder of lease term

The London & Middlesex Rifle Association uses a capitalisation threshold of £500.

Investments

The London & Middlesex Rifle Association owns the entire share capital of its trading subsidiaries, LMRA Trading Limited and LMRA Facilities Club Limited. This investment is held at cost as a market value is not readily available.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Operating leases

Rentals payable under operating leases are charged in the statement of financial activities on a straight line basis over the lease term.

Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Taxation

The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.

Page 9

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

Donations and gift aid
Legacies		 Unrestricted
Funds
£
17,988
-
17,988		 Restricted
Funds
£
-
-
-		 2023
Total
Funds
£
17,988
-
17,988		 Unrestricted
Funds
£
18,509
-
18,509		 Restricted
Funds
£
-
-
-		 2022
Total
Funds
£
18,509
-
18,509

2. Income from other trading activities and costs of raising funds - Unrestricted

Turnover
Cost of Sales
Gross profit
Administrative expenses
Operating profit(loss)
Interest receivable and similar income
Interest payable and similar expenses
Other income
Net profit/(loss) before gift aid and taxation
Corporation tax
Gift aid donation to parent charity
Net profit/(loss) after gift aid
Reserves brought forward
Reserves carried forward
Total capital and reserves		 LMRA
Trading
Limited
£
177,224
(86,064)
91,160
(43,412)
47,748
-
-
-
47,748
(11,223)
-
36,525
(78,885)
(42,360)
(42,260)		 LMRA
Facilities
Club Limited
£
202,852
(208,658)
(5,806)
(33,445)
(39,251)
-
-
1,354
(37,897)
-
-
(37,897)
(204,225)
(242,122)
(242,120)		 2023
Total
Funds
£
380,076
(294,722)
85,354
(76,857)
8,497
-
-
1,354
9,851
(11,223)
-
(1,372)
(283,110)
(284,482)
(284,380)		 2022
Total
Funds
£
363,229
(284,518)
78,711
(80,895)
(2,184)
-
-
6,874
4,690
(3,436)
-
1,254
(284,364)
(283,110)
(283,008)

L.M.R.A. (Trading) Limited carries on the provision of accommodation at St George's Lodge.

LMRA Facilities Club Limited carries on the provision of clubhouse accommodation in addition to the bar and catering supplies to users of the London and Middlesex Rifle Association clubhouse.

3. Income from charitable activities

Shooting
Membership
Lockers		 Unrestricted
Funds
£
44,032
45,026
17,756
106,814		 Restricted
Funds
£
-
-
-
-		 2023
Total
Funds
£
44,032
45,026
17,756
106,814		 Unrestricted
Funds
£
44,705
39,697
15,339
99,741		 Restricted
Funds
£
-
-
-
-		 2022
Total
Funds
£
44,705
39,697
15,339
99,741

Page 10

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

4. Other income

Grants and miscellaneous receipts
5. Raising funds - Seeking donations
Costs incurred in seeking donations		 Unrestricted
Funds
£
20
20
Unrestricted
Funds
£
7,040
7,040		 Restricted
Funds
£
-
-
Restricted
Funds
£
-
-		 2023
Total
Funds
£
20
20
2023
Total
Funds
£
7,040
7,040		 Unrestricted
Funds
£
-
-
Unrestricted
Funds
£
6,268
6,268		 Restricted
Funds
£
-
-
Restricted
Funds
£
-
-		 2022
Total
Funds
£
-
-
2022
Total
Funds
£
6,268
6,268

6. Costs of charitable activities

6. Costs of charitable activities
Shooting
Membership
Governance costs (see note 7)		 Unrestricted
Funds
£
72,748
36,350
1,998
111,096		 Restricted
Funds
£
-
-
-
-		 2023
Total
Funds
£
72,748
36,350
1,998
111,096		 Unrestricted
Funds
£
83,989
46,957
4,583
135,529		 Restricted
Funds
£
-
-
-
-		 2022
Total
Funds
£
83,989
46,957
4,583
135,529

7. Governance costs

Independent examiner's fees
Bookkeeping
Other professional fees
Legal fees		 Unrestricted
Funds
£
1,400
(302)
900
-
1,998		 Restricted
Funds
£
-
-
-
-
-		 2023
Total
Funds
£
1,400
(302)
900
-
1,998		 Unrestricted
Funds
£
1,600
2,093
890
-
4,583		 Restricted
Funds
£
-
-
-
-
-		 2022
Total
Funds
£
1,600
2,093
890
-
4,583

8. Examiner's fees (excluding VAT) - group

Independent examiner's fees
Accountants fees-subsidiaries
Corporation tax-subsidiaries
Payroll services		 Unrestricted
Funds
£
1,400
1,500
300
1,335
4,535		 Restricted
Funds
£
-
-
-
-
-		 2023
Total
Funds
£
1,400
1,500
300
1,335
4,535		 Unrestricted
Funds
£
1,275
1,250
300
1,780
4,605		 Restricted
Funds
£
-
-
-
-
-		 2022
Total
Funds
£
1,275
1,250
300
1,780
4,605

Page 11

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

9. Salary costs and related party transactions - group

9. Salary costs and related party transactions - group
Gross Wages
Employer's national insurance costs
Employer's pension costs
The average number of employees, calculated on an average headcount basis, was :		 2023
Total
£
120,698
2,076
1,866
124,640
2023
11
11		 2022
Total
£
136,690
4,580
1,897
143,167
2022
13
13

The trustees represent key management personnel for the charity and group. No remuneration was payable to trustees during the year under review nor the comparative year. No trustees (2022: None) were reimbursed travel expenses during the year.

No members of staff earn in excess of £60,000.

There are no further related party transactions requiring disclosure in these accounts.

10. Tangible assets - group

Cost
Brought forward
Additions
Disposals
Depreciation
Accumulated brought forward
Charge for the year
Net book value carried forward
Net book value brought forward		 Leasehold
premises
£
437,945
-
-
437,945
437,944
-
437,944
1
1		 Furniture &
equipment
£
322,969
751
-
323,720
285,916
19,258
305,174
18,546
37,053		 Challenge
cup &
trophies
£
1
-
-
1
-
-
-
1
1		 Rifles
£
3,700
-
-
3,700
-
-
-
3,700
3,700		 Total
£
764,615
751
-
765,366
723,860
19,258
743,118
22,248
40,755

Page 12

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

11. Tangible assets- Charity

Cost
Brought forward
Additions
Disposals
Depreciation
Accumulated brought forward
Charge for the year
Net book value carried forward
Net book value brought forward		 Leasehold
premises
£
206,770
-
-
206,770
206,770
-
206,770
-
-		 Furniture &
equipment
£
171,969
-
-
171,969
164,436
7,533
171,969
-
7,533		 Challenge
cup &
trophies
£
1
-
-
1
-
-
-
1
1		 Rifles
£
3,700
-
-
3,700
-
-
-
3,700
3,700		 Total
£
382,440
-
-
382,440
371,206
7,533
378,739
3,701
11,234

12. Investments- Charity

12. Investments- Charity
The charity has investments in wholly owned subsidiary undertakings as follows:
LMRA Trading Limited (co. reg. 03565617)
LMRA Facilities Club Limited (co. reg. 06314910)		 2023
2022
£
£
100
100
2
2
102
102
Charity
102

13. Stocks

13. Stocks
Ammunition
Prizes and badges
Other		 2023
2022
£
£
7,497
9,060
2,342
2,342
5,756
5,774
15,595
17,176
Group		 2023
2022
£
£
7,497
9,060
2,342
2,342
-
-
9,839
11,402
Charity
11,402

14. Debtors

Trade debtors
Other debtors
Amounts due from subsidiary undertakings
Prepayments		 2023
2022
£
£
2,536
1,519
2,128
583
-
-
11,536
13,710
16,200
15,812
Group		 2023
2022
£
£
2,076
1,199
2,128
-
194,028
174,283
5,821
7,811
204,053
183,293
Charity		 2023
2022
£
£
2,076
1,199
2,128
-
194,028
174,283
5,821
7,811
204,053
183,293
Charity
183,293

Page 13

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

15. Creditors : amounts falling due within one year

Trade creditors
Loan notes repayable
Amounts due to subsidiary undertaking
Taxation, social security and other creditors
Accruals and deferred income
Other creditors		 2023
2022
£
£
22,418
32,890
166,250
182,750
-
-
13,282
12,269
20,751
38,848
16,378
5,636
239,079
272,393
Group		 2023
2022
£
£
9,082
19,585
-
-
23,440
-
3,345
2,432
11,374
19,762
312
345
47,553
42,124
Charity		 2023
2022
£
£
9,082
19,585
-
-
23,440
-
3,345
2,432
11,374
19,762
312
345
47,553
42,124
Charity
42,124

16. Creditors: amounts falling due after more than one year

16. Creditors: amounts falling due after more than one year
Loan notes - 1-2 years 2023
2022
£
£
-
-
-
-
Group		 2023
2022
£
£
-
-
-
-
Charity
-

17. Analysis of net assets between funds - group

17. Analysis of net assets between funds - group
Tangible fixed assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year		 Unrestricted
Funds
£
22,248
15,595
16,200
82,243
(239,079)
-
(102,793)		 Restricted
Funds
£
-
-
-
1,100
-
-
1,100		 2023
Total
Funds
£
22,248
15,595
16,200
83,343
(239,079)
-
(101,693)		 2022
Total
Funds
£
40,755
17,176
15,812
91,643
(272,393)
-
(107,007)

18. Analysis of net assets between funds - charity

Tangible fixed assets
Investments
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year		 Unrestricted
Funds
£
3,701
102
9,839
204,053
11,547
(47,553)
181,689		 Restricted
Funds
£
-
-
-
-
1,100
-
1,100		 2023
Total
Funds
£
3,701
102
9,839
204,053
12,647
(47,553)
182,789		 2022
Total
Funds
£
11,234
102
11,402
183,293
12,196
(42,124)
176,103

Page 14

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

19. Analysis of net movement in funds - group and charity
Total funds
brought
forward
£
Restricted funds
Young shooters' fund
1,100
Total restricted funds
1,100
Unrestricted funds
General funds - Charity
175,003
General funds - LMRA Trading Limited
(78,885)
General funds - LMRA Facilities Club Limited
(204,225)
Total unrestricted funds
(108,107)
Total funds
(107,007)
Total funds
brought
forward
£
Restricted funds
Young shooters' fund
1,100
Total restricted funds
1,100
Unrestricted funds
General funds - Charity
198,550
General funds - LMRA Trading Limited
(122,247)
General funds - LMRA Facilities Club Limited
(162,117)
Total unrestricted funds
(85,814)
Total funds
(84,714)		 19. Analysis of net movement in funds - group and charity
Total funds
brought
forward
£
Restricted funds
Young shooters' fund
1,100
Total restricted funds
1,100
Unrestricted funds
General funds - Charity
175,003
General funds - LMRA Trading Limited
(78,885)
General funds - LMRA Facilities Club Limited
(204,225)
Total unrestricted funds
(108,107)
Total funds
(107,007)
Total funds
brought
forward
£
Restricted funds
Young shooters' fund
1,100
Total restricted funds
1,100
Unrestricted funds
General funds - Charity
198,550
General funds - LMRA Trading Limited
(122,247)
General funds - LMRA Facilities Club Limited
(162,117)
Total unrestricted funds
(85,814)
Total funds
(84,714)		 Year ended 31 December 2023 Year ended 31 December 2023 Year ended 31 December 2023
Total funds
brought
forward
£
1,100
1,100
175,003
(78,885)
(204,225)
(108,107)
(107,007)		 Total
Total
Transfers
incoming
resources
between
resources
expended
funds
£
£
£
-
-
-
-
-
-
124,822
(118,136)
-
177,224
(140,699)
-
204,206
(242,103)
-
506,252
(500,938)
-
506,252
(500,938)
-
Year ended 31 December 2022		 Total funds
carried
forward
£
1,100
1,100
181,689
(42,360)
(242,122)
(102,793)
(101,693)
Total funds
brought
forward
£
1,100
1,100
198,550
(122,247)
(162,117)
(85,814)
(84,714)		 Total
incoming
resources
£
-
-
118,250
169,385
200,718
488,353
488,353		 Total
resources
expended
£
-
-
(141,797)
(126,023)
(242,826)
(510,646)
(510,646)		 Transfers
between
funds
£
-
-
-
-
-
-
-		 Total funds
carried
forward
£
1,100
1,100
175,003
(78,885)
(204,225)
(108,107)
(107,007)

Young shooters' fund is established from donations funds to support young shooters.

20. Results of the charity

20. Results of the charity
Total incoming resources
Total resources expended
Net income		 Unrestricted
Funds
£
124,822
(118,136)
6,686		 Restricted
Funds
£
-
-
-		 2023
Total
Funds
£
124,822
(118,136)
6,686		 Unrestricted
Funds
£
118,250
(141,797)
(23,547)		 Restricted
Funds
£
-
-
-		 2022
Total
Funds
£
118,250
(141,797)
(23,547)

Page 15

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

21. Financial instruments

The carrying amounts of the charity's financial instruments are as follows:

21. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
Financial assets
Debt instruments measured at amortisd cost:
Trade debtors
Amounts owed by group undertakings
Other debtors
Equity instruments measured at cost less impairment:
Fixed asset unlisted investments
Financial liabilities
Measured at amortised cost:
Trade creditors
Loans notes payable
Other creditors		 2023
2022
£
£
2,536
1,519
-
-
2,128
583
4,664
2,102
-
-
-
-
22,418
32,890
166,250
182,750
13,282
12,269
201,950
227,909
Group		 2023
2022
£
£
2,076
1,199
194,028
174,283
2,128
-
198,232
175,482
102
102
102
102
9,082
19,585
-
-
3,345
2,432
12,427
22,017
Charity
175,482
102
102
19,585
-
2,432
22,017

Page 16

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

Detailed group income and expenditure

(This page does not form part of the independently examined financial statements)

Detailed group income and expenditure
(This page does not form part of the independently examined financial statements)
Incoming resources:
Donations, legacies and similar income
Membership
Accommodation (clubhouse)
Lockers
Bar income
Catering income
St George's Lodge
Other incoming resources including grants
Total income for the group
Outgoing resources:
Fundraising
Salaries
Staff expenses
Shooting subsidy
Rent, rates and services
Insurance
Heat and light
Cleaning
Maintenance
Office telephone
Office printing and stationery
Independent Examiner's fee
Other accountancy fees
Professional fees
Legal fees
Sundries
Depreciation
Interest payable and bank charges
Clubhouse bar, catering and accommodation costs
St George's Lodge costs
Morris legacy expenditure
Total expenditure for the group
Surplus/(deficit) for the year before tax		 2023
£
17,988
45,026
22,942
17,756
81,218
98,081
177,224
1,985
462,220
6,664
26,270
-
(1,971)
19,466
2,526
2,989
-
1,847
246
312
1,400
-
598
-
5,848
7,533
376
242,103
140,699
-
456,906
5,314		 2022
£
18,509
39,697
18,071
15,339
85,716
91,988
166,718
7,610
443,648
5,904
28,009
-
2,650
27,728
2,220
2,847
-
2,941
464
134
1,600
-
2,983
2,330
9,000
7,918
364
242,826
126,023
-
465,941
(22,293)

Page 17